Nov 3rd 2011
Analyst issues warning over Scottish renewables investment
The BBC reported on Wednesday 2 November that analysts Citigroup have urged investors to be cautious about the Scottish renewables sector. Citigroup said a referendum on Scottish independence, a flagship Scottish National Party (SNP) policy, would create uncertainty at the time when major decisions on green projects are needed. It warned that the SNP's desire for a referendum and its policy to increase renewable energy and green jobs may be in conflict. It also argued that that an independent Scotland would be too small to provide the financial support needed by renewables. Prime Minister David Cameron agreed with the conclusions of the report during Prime Minister's Questions on Wednesday 2 November, he said keeping the UK together was the only way to achieve the benefits of renewable energy.
First Minister Alex Slamond responded to the publication of the report by saying that renewable energy generated in Scotland would be needed to "keep the lights on" in England. He noted that major renewables developers had already invested in Scotland and that investment in Scotland will service the market demand for electricity in England and enable the UK to achieve commitments under the Renewables Obligation. Scottish Renewables chief executive Niall Stuart said the major threats to investment were uncertainty over market reform, grid connections and charges, and planning decisions, not the referendum about Scottish independence.
BBC-Citigroup BBC- Salmond Scottish Renewables Parliament
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